Zoom
Telephonics, Inc. Changes Jurisdiction of Incorporation from
Canada to Delaware
Parent Company Changes Name To
Zoom Technologies, Inc
Boston,
MA, February 28, 2002 — Zoom Telephonics, Inc. (NASDAQ:
ZOOM)
today announced that its jurisdiction of incorporation changed
from Canada to the State of Delaware starting March 1, 2002.
In connection with the change in jurisdiction, the publicly
traded parent company changed its name to Zoom Technologies,
Inc. These changes were accomplished through a process called
a continuance under the laws of Canada and a domestication
under the laws of the State of Delaware, and were ratified
by the Company's shareholders at a stockholders' meeting on
February 15, 2002. The parent company will continue to trade
on the Nasdaq National Market under the symbol ZOOM; and will
continue to operate through its wholly owned Delaware subsidiary,
Zoom Telephonics, Inc., which will not change its name.
Frank Manning, Zoom's President and Chief Executive Officer,
commented: "We are pleased to have completed this transaction.
We will now be able to operate as a Delaware corporation with
all the associated entitlements. This move simplifies Zoom's
reporting, taxes, and corporate structure." The
continuation will not result in any change in the Company's
business or assets, liabilities, net worth, or management,
and will not impair any creditor's rights. The continuation
is not, in itself, a corporate reorganization, amalgamation,
or merger. As part of the continuation, each share
of Zoom Telephonics, Inc. automatically is converted into
one share of Zoom Technologies, Inc. It will not be necessary
for stockholders to exchange their existing stock certificates
for stock certificates of the Delaware corporation. All new
shares will be issued by Zoom Technologies, Inc. Zoom
Telephonics, a communications leader since 1977, designs,
produces and markets dial-up modems, cable and ADSL modems,
wireless LAN products, home and small office networking devices,
and other data communication products under the Zoom, Hayes
and Global Village brands. Zoom products are available in
thousands of the highest volume computer retailers worldwide. |
